London has strongest year for IPOs since 2021 - PwC
By Michele Maatouk
Date: Wednesday 31 Dec 2025
(Sharecast News) - London had its strongest year for IPOs in 2025 since 2021, according to PwC's latest IPO Watch EMEA 2025.
The London Stock Exchange saw £1.9bn raised from 11 IPOs this year. There was flurry of activity in the final quarter as fintech Shawbrook and food and drinks firm Princes Group priced their IPOs at the end of October for £348m and £400m, respectively.
PwC said the three-year stamp duty holiday on shares in new UK IPOs announced in the Chancellor's Budget last month was widely seen as a positive step aimed at boosting the London IPO market.
EMEA IPO issuance was led by the Nordics and the Middle East regions as well as a rebound in the London market, PwC said.
Proceeds raised from European IPOs totalled €12.5bn, from 60 listings, slightly lower than the €15bn raised from 64 listings in 2024. However, the proceeds raised in the fourth quarter - €5.5bn from 15 listings - signal a continued revival of the IPO market, PwC said.
Global IPO proceeds rose 20% compared to last year, driven by increased activity in the US and Asia-Pacific .
Kat Kravstov, capital markets director at PwC UK, said: "Global IPO issuance rose in 2025 compared to last year, supported by the recovery of the US and Asian markets, with IPO volumes trending towards more normalised levels.
"London is also benefiting from a growing cohort of IPO-ready businesses, particularly in financial services and tech-enabled sectors. Combined with increasing private equity activity, this creates a favourable backdrop for new issuance. Provided the economic environment stays on track, London could be entering a more active listing cycle in 2026.
"Looking ahead, 2026 is shaping up to be another strong year for IPOs globally and in EMEA, driven by strong investor appetite for quality IPO stories, a backlog of issuers, including large unicorns, and overall constructive equity market sentiment, subject to continued stability. We also saw IPO activity by private equity sponsors strengthen in 2025 and we expect a stronger PE-backed issuance next year."
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